The administrators for London Capital & Finance (LCF) are currently estimating recoveries for investors affected by LCF\u2019s failure.<\/p>
The Financial Services Compensation Scheme (FSCS), as the compensation scheme of last resort, can only provide compensation for claims connected with certain types of regulated activities. They are working closely with LCF\u2019s administrators and the Financial Conduct Authority (FCA) to understand more about LCF\u2019s activities and whether there are grounds for compensation.<\/p>
<\/p>
The FSCS is an independent non-governmental body. The FSCS carries out its compensation function within rules set by the Prudential Regulation Authority (PRA) and the FCA, who are also independent of Government.<\/p>
If there are circumstances that give rise to potentially valid claims, the FSCS will communicate this on their website. They have invited LCF investors to register for updates on their website. More information on this can be found at https://www.fscs.org.uk/failed-firms/lcf/.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4051", "label" : {"_value" : "Biography information for John Glen"} } , "answeringMemberConstituency" : {"_value" : "Salisbury"} , "answeringMemberPrinted" : {"_value" : "John Glen"} , "dateOfAnswer" : {"_value" : "2019-07-02", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2019-07-02T14:21:12.913Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2019-06-24", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "London Capital & Finance: Insolvency"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, what steps his Department taking following the collapse of London Capital & Finance to ensure that mini-bond holders in Crewe and Nantwich will be properly compensated.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4648", "label" : {"_value" : "Biography information for Laura Smith"} } , "tablingMemberConstituency" : {"_value" : "Crewe and Nantwich"} , "tablingMemberPrinted" : [{"_value" : "Laura Smith"} ], "uin" : "268490"} , {"_about" : "http://data.parliament.uk/resources/1134089", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1134089/answer", "answerText" : {"_value" : "
The Economic Crime Strategic Board, co-chaired by the Chancellor<\/a> and the Home Secretary<\/a>, met for the first time on 14 January 2019. The Board sets priorities, directs resources and scrutinises performance against the economic crime threat. Its membership includes ministers, government officials and senior representatives from supervisory and law enforcement authorities, and the private sector.<\/p> <\/p> In its inaugural meeting, the Board commissioned the development of a shared public-private Economic Crime Plan and the development of a joint public-private economic crime threat update. The Economic Crime Plan \u2013 which will be published \u2013 will outline the public and private sectors\u2019 collective ambition to combat economic crime and set out a series of concrete actions that both sectors will collectively undertake to enhance the UK<\/a>\u2019s economic crime response. A wide range of stakeholders from both the private sector and civil society have been consulted to inform the development of the Plan.<\/p> <\/p> The Board will meet for a second time on 10 July 2019 at which it will discuss the draft Economic Crime Plan and the economic crime threat update. The outcomes of the meeting will be published in due course.<\/p>"}
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], "questionText" : "To ask the Chancellor of the Exchequer, who will be attending the economic crime strategy board meeting on 10 July 2019.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4657", "label" : {"_value" : "Biography information for Anneliese Dodds"}
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], "questionText" : "To ask the Chancellor of the Exchequer, what elements of the economic crime strategy will be discussed at the economic crime strategy board meeting on 10 July 2019.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
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